Sidley is representing China Merchants Bank Co., Ltd. as mandated lead arranger on an acquisition facility for a member of the Creat Group in connection with its all-cash offer for the voluntary takeover of Biotest AG, a German pharmaceutical company. Creat is a Chinese investment group that invests in healthcare and pharmaceuticals, manufacturing, energy, finance and natural resources.

As of May 18, 2017, the takeover was valued at approximately €940 million. The initial financing commitment is for €940 million, subject to potential reduction following a contemplated equity injection by the takeover vehicle’s owners. The financing involves a back-to-back structure with Industrial and Commercial Bank of China Limited (Frankfurt Branch) as the fronting bank issuing the financial confirmation required by the German Takeover Act. The financing for the takeover was arranged by China Merchants Bank, and all initial lenders are branches of the Bank. Subject to regulatory approvals, the takeover is expected to close on or about June 15, 2017 (subject to extension in accordance with the terms of the offer).

The Sidley team comprises partners Raymond Oh (Hong Kong), Markus Feil (Munich) and Marcus Klie (Munich), counsel Jeremy Chase (Singapore), senior associate Olivia Ngan (Hong Kong) and associates Kenneth Lee (Hong Kong), Leo Shaw (Singapore) and Gmeleen Tomboc (Singapore).